China’s yuan on track to become Asia ‘anchor’ currency, ADB says
Jul 20, 2012
SINGAPORE (AFP) ― China’s yuan is increasingly being used to settle trade transactions in Asia, gradually cementing its way to becoming a regional ‘anchor’ currency, the Asian Development Bank said Thursday.The rise of the currency’s use in trade and in the financial markets is likely to nudge China to further open up its financial sector if it wants the yuan to play a bigger global role, the Manila-based lender said.The yuan, or renminbi, “is being increasingly used to settle trade transactions